By Sarah Mulholland
The real estate unit of Brookfield Asset Management is pouncing as shares of mall companies take a beating with e-commerce putting a squeeze on brick-and-mortar retailers.
Blackstone is in the process of selling about 1.4 billion pounds of offices in London after the firm modernized the buildings and leased space at higher rents.
This is in line with Mumbai-based firm Indiabulls’s strategy to exit Chennai.
TH Real Estate, which is expected to launch its Asia Pacific cities fund this year, says many funds still remain under-allocated to the region.
The estimated total price includes the asking price of S$2.48 billion ($1.88 billion), S$325.4 million ($248 million) as a top-up for a fresh lease, and an estimated S$1.28 billion ($974 million) for development charges.
A deal is expected to be in the range of Rs2,000 crore ($307 million). Others who have joined the race include Shapoorji Pallonji-Allianz and Singapore-based Ascendas-Singbridge.
After inking two deals totalling around Rs1,200 crore in 2018, Piramal Finance is working on seven-eight transactions to be closed during the year.
A unit of Singapore developer Bukit Sembawang Estates has acquired Makeway View, a freehold residential site located in Newton, via a collective sale for S$168 million ($128 million). In a disclosure to the Singapore Exchange, Bukit Sembawang Estates, which tendered for Makeway View through its unit Bukit Sembawang Land, said… Read more »
Blackstone is set to buy the stake in Indiabulls Real Estate’s prime office assets in central Mumbai for an enterprise valuation of around $1.3 billion.
Godrej has raised the first tranches of a $450-million office development fund and a $150-million office investment fund. Jointly, the funds can invest in or develop office assets worth over $1 billion in value.